Intermediate Accounting, 11th ed.

Kieso, Weygandt, and Warfield

Chapter 21: Accounting for

Leases
Chapter 21: Accounting for Leases
After studying this chapter, you should
be able to:
1. Menjelaskan Sifat, substansi ekonomi, dan
keunggulan transaksi lease.
2. Menjelaskan kriteria akuntansi dan prosedur utk
mengkapitalisasi lease oleh lessee.
3. Membedakan metode operasi dan kapitalisasi
dalam pencatatan lease.
4. Mengidentifikasi klasifikasi lease untuk lessor.
 Chapter 21: Accounting for
Leases
5. Menjelaskan akuntansi lessor untuk lease
pembiayaan langsung.
6. Mengidentifikasi fitur khusus dari kesepakatan
lease yg menyebabkan masalah akuntansi yg unik.
7. Menjelaskan dampak dari nilai residu, yg dijamin
dan tdk dijamin, terhadap akuntansi lease.
8. Menjelaskan akuntansi lessor utk lease jenis
penjualan.
9. Menjelaskan persyaratan pengungkapan untuk
lease.
 Leasing: Basics
 The lease is a contractual agreement
between the lessor and the lessee.
 The lease gives the lessee the right to use
specific property.
 Durasi –jgk waktu lease dpt bervariasi dari
periode waktu yg pendek hingga seluruh
umur manfaat dari aktiva ybs.
 Kewajiban utk pjk, asuransi, dan biaya
pemeliharaan dpt dibebankan baik pada
lessor maupun lessee.
 Advantages of Leasing
1. Pembiayaan 100% dengan suku bunga
tetap.
2. Proteksi terhadap keusangan.
3. Fleksibilitas.
4. Pembiayaan lebih murah.
5. Masalah pajak minimum alternatif
(Alternative Minimum Tax Problems)
6. Pembiayaan diluar neraca (Off- Balance-
Sheet Financing).
Conceptual Nature of a Lease
According to the FASB:
 Jangan Mengkapitalisasi Setiap aktiva yang
di lease.
 Mengkapitalisasi Lease Serupa dengan
pembelian cicilan.
 Mengkapitalisasi semua Lease jangka
panjang.
 Mengkapitalisasi Lease perusahaan dimana
penalty atas pelanggaran perjanjian
berjumlah substansial.
 Accounting by Lessee
Kriteria Kapitalisasi untuk Lessee:
1. Lease mentransfer kepemilikan properti kepada
lessee.
2. Lessee memiliki opsi utk membeli dg harga
khusus (bargain purchase options)
3. Jangka waktu lease sama dg atau lebih 75%
dari estimasi umur ekonomis aktiva yang
dilease.
4. Nilai sekarang dari pembayaran lease minimum
(tdk termasuk bi executory) sama dg atau
melebihi 90% dari nilai wajar property yg di
lease.
 Accounting by Lessee
Lease Agreement
Capital
Is there transfer Yes Lease
of ownership?
Yes
No
Is there a bargain Operating
purchase option? Yes Yes Lease
No
Is lease term equal Is present value
to or greater than of payments
75% of economic No
equal to or more
life ? than 90% FMV?
 The Bargain Purchase Option
A bargain purchase option
 Mengizinkan lessee utk membeli properti
yang dilease.
 Pada harga yg secara signifikan lebih
rendah dibandingkan dg nilai wajar
properti yg diharapkan pd tgl opsi tsb.
Digunakan.
Pada awal lease, perbedaan antara hrg
opsi dg nilai pasar wajar yg diharapkan hrs
cukup besar shg realisasi dari opsi bisa
dipastikan scr layak.
 The Recovery of Investment Test (90% Test)
Dlm menetukan nilai sekarang dr pembayaran
lease minimum, ada tiga konsep yg hrs
dipertimbangkan:
1) Pembayaran lease minimum (pembyrn sewa
min, ni residu yg dijamin, penalti atas kegagalan
memperbaharui atau memperpanjang lease, opsi
utk membeli dg hrg khusus).
2) Executory costs (insurance, taxes, and
maintenance), and
3) Discount rate (Lessee menghitung PV dr
pembyrn lease min dg menggunakan suku
bunga pinjaman inkremental lessee).
 Minimum Lease Payments
The minimum lease payments include:
1) Pembyrn Sewa Min – pembyrn yg hrs dilakukan
oleh lessee kpd lessor berdsrkan kesepakatan
lease.
2) Nilai Residu yg dijamin
a. Jml tertentu dmn lessor memiliki hak utk
meminta lessee membeli aktiva
b. Jml yg dijanjikan oleh penjamin lessee utk
diperoleh lessor.
4) Penalti atas kegagalan memperbaharui atau
memperpanjang lease.
5) bargain purchase option given to lessee
 Discount Rate
1. The lessee computes the present value of
the lease payments using the lessee’s
incremental borrowing rate.
2. Jika lessee mengetahui bhw lessor’s
implicit interest rate dan suku bunga
implisit lebih rendah dr lessee’s
incremental rate, then such implicit rate
must be used.
3. The lessor’s implicit rate produces the
following result:
present value of (minimum lease payments and
unguaranteed residual value) = fair value of the
asset to lessor
 Accounting for Asset and
Liability by Lessee
 In a capital lease transaction, the lessee
records an asset and a liability.
 The asset is depreciated by the lessee over
the economic life of the asset.
 The effective interest method is used to
allocate the rental payments between
principal (pokok) and interest.
 Penyusutan aktiva dan pengurangan
kewajiban adalah dua proses akuntansi yg
independen selama jgk waktu lease.
Classification of Leases: Lessor

Lessor classifies leases as

one of the following:
1. Operating lease
2. Direct financing lease
3. Sales-type lease
Accounting by Lessor: Classification
of Leases

To be classified as an operating lease:

1. The lease doesn’t meet any group 1

criteria (same as lessee’s), OR
2. Collectibility of payments isn’t reasonably
assured, OR
3. Lessor’s performance isn’t substantially
complete.
 Accounting by Lessor:
Classification of Leases
To be classified as a direct financing lease
the lease must meet group 1 criteria (same
as lessee’s), and the following, group 2
criteria:
1. Collectibility of payments must be reasonably
assured, and
2. Lessor’s performance must be substantially
complete, and
3. Asset’s fair value must be equal to lessor’s
book value
 Lessor’s Criteria for Lease
Classification
Lease Agreement

Does lease meet

Operating
No
Group 1 criteria? Lease
No Sales type
yes
Is collectibility of Direct
payments assured? No No financing
yes
Is lessor’s yes
performance Does asset FMV
substantially yes equal lessor’s
complete ? book value?
 Operating Lease: Lessor

• The lessor depreciates the leased

asset according to its depreciation
policy.
• Maintenance costs of the leased
asset (payable by lessor) are charged
to expense.
• Costs, such as finder’s fees and
credit checks, are amortized over the
lease term.
• The leased equipment and
accumulated depreciation are shown
as Equipment Leased to Others.
Direct Financing: Lessor

The following information is needed by lessor to

record a direct financing lease:
Gross investment (lease payments receivable),
consisting of:
the minimum lease payments and any
unguaranteed residual value at the end of lease
term
Unearned interest revenue (difference between
gross investment and the FMV of the property)
Net investment (gross investment less unearned
interest revenue)
Direct-Financing Lease
Special Accounting Problems

Residual values
Sales-type leases (lessor)
Bargain purchase options
Initial direct costs
Current versus noncurrent
Disclosure
 Residual Values
Residual value is the estimated fair value of
asset at the end of lease term
May either be guaranteed or unguaranteed
From lessor’s perspective once the lease
rate is determined, it makes no difference
whether the residual value is guaranteed or
unguaranteed.
From lessee’s perspective:
• Guaranteed residual affects minimum lease
payment calculation
• Unguaranteed residual does not
Sales-Type Lease
 Initial Direct Costs
Two types:
 Incremental directs costs paid to third
parties at origination of lease
 Internal direct costs paid by lessor at
origination of lease.
Disclosure Requirements: Lessee

For the lessee, the requirements

for capital leases are:
gross amount of assets
future minimum lease payments
total non-cancelable minimum
sublease rentals
total contingent rentals
identify assets separately
general description of lessee’s
arrangements
 Disclosure Requirements:
Lessor
For the lessor, the requirements for
sales-type and direct-financing leases
are:
• components of net investment
• future minimum lease payments
• amount of unearned revenue included in
revenue
• total contingent rentals
• general description of lessor’s leasing
arrangements
 Disclosure Requirements:
Lessor
For the lessor, the requirements for operating
leases:
 cost and carrying amount
 minimum future rentals
 total contingent rentals
 general description of lessor’s leasing
arrangements